ServiceNow (NOW) is trading higher today as investors refocus on the company’s first-quarter results and outlook issued on April 22, 2026, where it posted subscription revenue of $3.671 billion and highlighted that it beat the high end of guidance across topline growth and profitability metrics while raising its full-year subscription revenue outlook. The move is also being supported by follow-through from the company’s strategic security expansion after closing the Armis acquisition on April 20, 2026, which management positioned as expanding addressable market and strengthening the platform’s security and AI story.

The Q1 update is the core fundamental driver: ServiceNow emphasized accelerating growth and a higher full-year subscription revenue outlook, while also pointing to substantial share repurchases during Q1 that can help offset dilution. Separately, the Armis deal close is being treated as a concrete corporate milestone that can broaden the company’s footprint in cyber exposure management and extend ServiceNow’s platform into operational and physical asset environments, setting up cross-sell opportunities over time.

The stock’s gain also reflects positioning after sharp volatility around the earnings release, with investors weighing strong reported results against broader concerns about software multiples and the pace of AI-driven business-model change. With the company now combining platform AI initiatives with newly acquired security capabilities, today’s buying suggests a subset of investors is leaning toward a “fundamentals plus catalysts” rebound narrative rather than a sustained de-rating.